Global vertical farming market worth $1,405.5 million in 2016
As per the research, the global vertical farming market is expected to grow from $1,405.5 million in 2016 to $6,372.5 million by 2023. The global vertical farming market has been growing significantly, owing to its consistent and reliable growth cycle, which allows commercial growers to confidently deliver their supply contracts on time, and rising demand for environment-friendly production of fresh fruits and vegetables without the use of pesticides. Consumers of vertically-produced crops seek benefits such as improved taste and higher nutrient value.
Vertical farming is increasing the demand for organic food, faster than the domestic supply, since consumers see organically grown food as a healthier and more nutritious option, over the conventionally grown products. The use of highly efficient LED lighting technology helps in reducing power usage to obtain maximum growth of the plant. The photosynthetic wavelengths are managed with the computer in accordance with the period of crop growth. This further minimizes energy usage while ensuring optimized crop yields. Vertical farming technology is cost competitive and provides an automated growing system which provides automatic SMS alerts for any default.
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The increasing usage of IoT sensors in producing crops is the key trend observed in the global vertical farming market. Internet of things (IoT) is a system of sensors used in vertical farming, which are associated with the internet. It helps the commercial growers in storing information detected by the sensors in the cloud storage, or any other storage medium. Vertical farming is inclined toward utilization of complex sensors to screen the plant completely, without human support. The information from the sensors is put away in the cloud space for analyzing the information and performing required actions.
Insights on market segments
During the forecast period, the building-based structure vertical farming will continue forming the larger part of the market compared to shipping container vertical farming. And, the hydroponics growth mechanism will continue contributing largest revenue to this market during the forecast period. Based on hardware, lighting has been the largest revenue generating hardware for the global vertical farming market. Based on crop type, the vertical farming market witnessed largest revenue for lettuce cultivation.
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North America stands as the largest vertical farming market
Geographically, North America has been the largest vertical farming market. Vertical farming creates huge opportunities for pharmaceutical companies in North America for developing its own patented products such as from seed to the production of finished products. The companies further provide those proprietary products to the medicinal, nutraceutical and cosmetic industries and help them to expand their customer base. This will provide a competitive edge to the pharmaceutical companies in the market and help them in creating their own identity. The companies could also control supply chain and trace its ingredients and finished products. Vertical design implementation in biopharmaceutical drugs will help the pharmaceutical companies in North America to produce drugs in large quantities. It will also enable the companies to cultivate drugs containing high value compounds for health and medicinal needs.
Increasing adoption of organic foods escalates the market growth
Increasing demand for environment-friendly production of fresh fruits and vegetables without the use of pesticides is driving the growth of the global vertical farming market. Vertical farming helps in producing organic foods, which are grown without the use of pesticides, artificial fertilizers and genetically modified organisms. With the developing trend towards eating healthy food, consumers have begun to perceive organic foods as an immaculate topping with loads of flavors. Vertical farming helps in developing organic foods, which are succinct and delightfully effective in creating tasty natural organic micro-greens. The system helps in substantial assortment of organic crops and ensures that crops are accessible in the demand specific areas.
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High intensity of rivalry in vertical farming market
The overall intensity of competition is low in the global vertical farming market. The market witnessed a CAGR of 22.3% during 2013 – 2016. Owing to the high growth rate, the intensity of rivalry in the market is high. There are a few number of players in the global vertical farming market, owing to which the intensity of rivalry in the market is high. Some of the key players in the global market include Koninklijke Philips N.V., Aerofarms, Sky Greens, Illumitex, Inc., Everlight Electronics Co., Ltd., Green Sense Farms, LLC, Agrilution, American Hydroponics, Urban Crops and Vertical Farm Systems.
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